Food Empire - Maybank Research 2023-02-28: The Start Of The Good Times

Food Empire - The Start Of The Good Times

  • Food Empire (SGX:F03) reported a record FY22 which blew past ours and consensus estimates. 4Q22 revenue grew 29% y-o-y while NPAT surged 22.6% y-o-y, driven by strong demand from Russia, CIS markets and India. Food Empire's dividend also doubled y-o-y to S$0.044.
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  • With a positive outlook and resilience despite the ongoing Russia-Ukraine conflict, we maintain BUY recommendation on Food Empire.

Record year – more to come

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  • We expect demand to remain strong in Russia and the CIS region and stronger growth from Vietnam as well as the expansion of its no-dairy creamer facility which is expected to begin commercial production by 4Q23.
  • In India, spray dry and new freeze dry coffee plants continue to operate at full capacity but should yield higher margins due to cost reductions on the back of freight cost normalisation.
  • We also expect the next two quarters to be much stronger y-o-y as the conflict started midway during 1Q22.

Dividends double + share buybacks to continue

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | Eric Ong Maybank Research | 2023-02-28

Read also Maybank's most recent report:
2024-02-28 Food Empire - And Now For The Cream On Top.

Previous report by Maybank:
2024-02-23 Food Empire - Potentially Another Record Year.

Price targets by 3 other brokers at Food Empire Target Prices.

Listing of research reports at Food Empire Analyst Reports.

Relevant links:
Food Empire Share Price History,
Food Empire Announcements,
Food Empire Dividends & Corporate Actions,
Food Empire News Articles


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